Friday, November 07, 2008

Picture of the Day

(Customers line up to look at firearms at a gun shop in Fort Worth, Texas, Thursday, Nov. 6, 2008. The Cheaper Than Dirt gun store recorded a record day of gun sales the day after the election of President-elect Barack Obama and is having trouble keeping up with the demand for assault rifles.(AP Photo/LM Otero))

That makes a little more sense, however, I think any cap gains difference would likely take effect in 2010, and the market for real estate would probably be a little better next year once the credit eases.

(Plus, the cap gains thing is only on over 250K. The plan right now is to grade it, but who knows what comes out of Congress.)

This is just getting trivial, but I believe there's a one-time exemption from reinvestment on capital gains from a primary residence.... Aimed at protecting seniors.

And anyway, we're talking about GAINS of a quarter-mil. Not exactly chump changes.

On a broader note, this is why conservatives tout the notion that cutting taxes RAISES revenues. It's because people act emotionally. When capital gains rates are cut, people sell because they think they're getting a deal. But they only do that once.... then they settle back into normal (rational) buying and selling patters. In the LONG RUN, revenue isn't increased. Is only looks that way if you take a narrow enough slice of time following a rate cut.

About This Blog

This is not the America I was brought up to believe in.
This blog seeks to highlight abuse of power, deception, corruption, and just plain bad ideas in government and corporations.
Updated several times a day.